UDC Land Transfer and Endowment Parity Act

Summary

UDC Land Transfer and Endowment Parity Act - Directs the Mayor of the District of Columbia to convey specified lands to the University of the District of Columbia (UDC). Compensates the District of Columbia in land or appropriations for such conveyance. Authorizes FY 1989 appropriations for UDC construction of a campus on the conveyed lands. Directs the Secretary of Education to provide a grant to UDC to increase its endowment fund. Requires UDC to deposit an amount equal to one-fifth of the Federal grant into its endowment fund. Prohibits UDC from using: (1) any of the endowment fund corpus during the term of the grant, which may not exceed ten years; and (2) from using more than 50 percent of fund income during the term of the grant, unless faced with certain exigent circumstances. Requires UDC to invest the endowment fund corpus and income in low-risk securities.

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Documents

1 official file

• Introduced in House

  summary · EN · 3 May 1989

  Open at official source

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